Good news for savers as TSB doubles the interest rate on a savings account to 2% | Personal Finance | finance

Strong savings rates have been hard to come by in the last 18 months, mainly due to the impact of the Bank of England cutting its base rates to 0.1% in March 2020. However, things are starting to look for savings accounts, motivating people to put money away again. The latest offering in this regard is from TSB which is raising the interest rate as competition begins to heat up between service providers.

It has doubled the monthly savings rate from one per cent to two per cent with customers able to save a maximum of £125 per month.

TSB explains: “A monthly savings account helps customers get into the habit of saving, gives them access to their account whenever they need it, and also allows them to save and earn interest along the way.

Monthly savings are available to new and existing TSB customers who have a checking account with TSB.

Customers will be able to form a savings habit with this account where they can save between £25 and £125 per month.

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The new pricing combined with the ability to save up to £125 per month will give TSB customers a competitive savings account.

Peter Hutton, Head of Savings at TSB, commented on the update: “At TSB we know that many of our customers are eager to save.

“We want to help them achieve their savings goals. That’s why we’re doubling the price of our monthly savings account.”

People will be able to easily manage their monthly savings account online through the TSB mobile app and online banking – a major attraction for modern savings.

However, there are eligibility criteria that a person must keep in mind if they wish to open this account.

Essentially, people must be TSB checking account holders in order to take advantage of this updated interest rate offer.

They must also be aged 16 and over in addition to being a resident of the UK to be eligible.

People must set up a standing order per month from £25 up to £250 from their TSB checking account for that account. They can only make one payment each month in your account.

However, there is no maximum amount that can be kept in a TSB monthly savings account.

Accounts can be maintained in single or joint names, but only one account is allowed per customer.

Individuals will be able to close their accounts at any time without fees.

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